Mortgage Calculator - Calculate Monthly Mortgage Payments
Free mortgage calculator to estimate monthly payments, total interest, and loan costs. Calculate mortgage payments with taxes, insurance, PMI, and HOA fees. Get detailed amortization breakdown.
Calculate Your Mortgage Payment
Our comprehensive mortgage calculator helps you estimate your monthly mortgage payments including principal, interest, taxes, insurance, PMI, and HOA fees. Get accurate calculations to plan your home purchase and understand the true cost of homeownership.
Loan Details
Additional Monthly Costs
💡 Mortgage Tips
- • 20% down payment avoids PMI
- • Lower interest rates save thousands
- • Shorter terms mean less total interest
- • Include all costs for accurate budgeting
How to Use the Mortgage Calculator
Our mortgage calculator is designed to give you a complete picture of your monthly housing costs. Here's how to get the most accurate results:
Required Information
- Home Price: The total purchase price of the home
- Down Payment: Amount you'll pay upfront (typically 3-20%)
- Loan Term: Length of the mortgage (15, 20, 25, or 30 years)
- Interest Rate: Annual percentage rate (APR) from your lender
Additional Costs
- Property Tax: Annual tax based on home value
- Home Insurance: Annual homeowner's insurance premium
- PMI: Private mortgage insurance (if down payment < 20%)
- HOA Fees: Monthly homeowner association fees
Understanding Your Mortgage Payment
PITI Breakdown
Your total monthly mortgage payment typically includes four main components, known as PITI:
Principal
The portion of your payment that goes toward paying down the loan balance. This amount increases over time as you pay less interest.
Interest
The cost of borrowing money, calculated as a percentage of your remaining loan balance. This amount decreases over time.
Taxes
Property taxes collected by your lender and held in escrow, then paid to local tax authorities on your behalf.
Insurance
Homeowner's insurance premiums collected monthly and paid annually to protect your property against damage.
Factors That Affect Your Mortgage Payment
Loan Amount
Higher loan amounts result in higher monthly payments. A larger down payment reduces the loan amount and monthly payment.
Interest Rate
Even small differences in interest rates can significantly impact your monthly payment and total interest paid over the loan term.
Loan Term
Longer terms mean lower monthly payments but more total interest. Shorter terms have higher payments but less total interest.
Mortgage Types and Options
Fixed-Rate Mortgages
Interest rate remains the same throughout the loan term. Provides predictable monthly payments and protection against rising interest rates.
Adjustable-Rate Mortgages (ARM)
Interest rate can change periodically based on market conditions. Often starts with lower rates but payments can increase over time.
FHA Loans
Government-backed loans with lower down payment requirements (as low as 3.5%) and more flexible credit requirements.
VA Loans
Available to eligible veterans and service members. Often require no down payment and have competitive interest rates.
Money-Saving Tips
Before You Buy
- • Improve your credit score for better rates
- • Save for a larger down payment
- • Shop around with multiple lenders
- • Consider different loan terms
- • Get pre-approved to know your budget
After You Buy
- • Make extra principal payments
- • Refinance when rates drop
- • Remove PMI when you reach 20% equity
- • Consider bi-weekly payments
- • Review and shop for insurance annually
Frequently Asked Questions
What's included in my monthly mortgage payment?
Your monthly payment typically includes principal, interest, property taxes, homeowner's insurance, and possibly PMI and HOA fees. This is often called your "total housing payment."
How much house can I afford?
A general rule is that your total monthly housing costs shouldn't exceed 28% of your gross monthly income. However, consider your other debts and financial goals when determining affordability.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower total interest costs. 30-year mortgages have lower monthly payments but higher total interest. Choose based on your budget and financial goals.
When can I remove PMI?
You can typically request PMI removal when you reach 20% equity in your home. For conventional loans, PMI is automatically removed at 22% equity based on the original amortization schedule.